Objectives and Key Results | Meaning

What is the OKR framework?

OKR full form is objective and key results. It is a performance management system that provides a framework for setting measurable goals and tracking progress. The OKR framework is a popular goal-setting system that has been used by companies like Google, Facebook, and Intel. 

If you’re thinking of implementing an OKR system in your own company, it’s important to keep in mind that there is no one-size-fits-all approach. The key benefits of using objectives and key results are that it can help to:

•   Clarify what needs to be done to achieve success
•   Keep everyone aligned on what the company’s priorities are
•   Measure progress and track goal attainment
•   Encourage transparency and collaboration within the company.
•   Increase focus and motivation as individuals can see how their efforts contribute to the organization’s objectives
•   Enable better decision-making as objectives can be linked to specific data sources or performance indicators.
•   Help leaders measure and review progress towards objectives regularly 

OKR example

There are a few different ways to structure OKRs, depending on what works best for your company. Here are a couple of examples to give you an idea of how others have approached setting goals with this method: 

•   Increase website traffic by 25% in the next 3 months
•   Achieve a 50% customer satisfaction rating in the next 6 months
•   Double the number of leads generated from social media in Q2
•   Reduce manufacturing lead time by 20% in Q3 

Each objective should have at least one measurable metric that can be used to track progress. These metrics will be assessed regularly, usually monthly or quarterly, to see if the objectives have been met. If not, action plans will be put into place to get back on track.